Honda: search for a 'serious buyer' continues
23 Feb 2009

Amidst widespread media speculation, Honda revealed on Monday they are yet to find a serious buyer for their Formula One team. The Japanese car maker put the team up for sale in December, after announcing they were to withdraw from the sport in light of difficult economic conditions in the global auto market.

Although a bid from the Virgin Group and an internal management buyout have both been rumoured, Honda CEO, Takeo Fukui, disclosed at a press conference in Japan that the companys search for a viable purchaser is still ongoing.

There are various offers for the team but we have not seen any serious buyer yet, said Fukui in Tokyo. We find the sale process difficult.

Honda also announced on Monday that Fukui will step down from his role as CEO and President of Honda in June, to be replaced by Senior Managing Director Takanobu Ito. Fukui will continue in an advisory role.

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